Rupee opens 30 paise higher at 72.70 per dollar

Today, USD-INR pair is expected to quote in the range of 72.50 and 73.05, says Motilal Oswal.

The Indian rupee opened higher by 30 paise at 72.70 per dollar on Friday versus Tuesday's close of 73 per dollar.

Rupee rose against the US dollar after the Mid-term elections results showed that the Democrats gained control of the house hitting the magic 218-seat mark to guarantee a majority, afterÂ flipping multiple Republican-controlled seats. The elections delivered the most expected outcome: split control of the US Congress, with Democrats winning control of the House ofÂ Representatives and Republicans cementing their majority in the Senate. Thatâ€™s a better-than-average performance; usually the presidentâ€™s party loses Senate seats in midterms, said Motilal Oswal.

The majorÂ averages had earlier hit their session highs after US President Donald Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing.